MIRA INFORM REPORT
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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
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Name : |
HIKARI ALPHAX INC |
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Registered Office : |
Toshiba Osaka Bldg 6F, 4-2-12 Honmachi Chuoku Osaka 541-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Feb 1954 |
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Com. Reg. No.: |
1200-01-087719 (Osaka-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale, import, export of semiconductor devices, industrial machinery, multimedia systems |
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No. of Employees : |
195 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 237.6 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of time
for firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession three times
since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his predecessor's
plan to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
Company name
HIKARI ALPHAX INC
REGD NAME
KK Hikari Alphax
MAIN OFFICE
Toshiba Osaka Bldg 6F, 4-2-12 Honmachi
Chuoku Osaka 541-0053 JAPAN
Tel:
06-6208-1811 Fax: 06-6208-1822
*.. The
is its Nagoya Branch Office
URL: http://www.hikari-ax.co.jp/
E-Mail address: info@hikari-ax.co.jp
ACTIVITIES
Wholesale,
import, export of semiconductor devices, industrial machinery, multimedia systems
BRANCHES
Tokyo,
Kumagaya, Shizuoka, Nagoya, Kobe, Kyoto, Hiroshima, Kenkyusho
OVERSEAS
Hong
Kong, Shanghai, Bangkok, Taipei
FACTORIES
Hikari
Alphax Electronics (HK) Co Ltd, Hong Kong (subsidiary)
OFFICERS
SADAYOSHI
TAKAMOTO, PRES
Takami
Mitsunari, s/mgn dir Tatsufumi
Matsuyama, dir
Yuji
Yamakita, dir Yuji
Shimada, dir Tsuneo
Matsuyama, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 22,504 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 320 M
TREND SLOW WORTH Yen 1,897 M
STARTED 1954 EMPLOYES 195
COMMENT
WHOLESALER SPECIALIZING
SEMICONDUCTOR DEVICES &
NETWORKING SYSTEMS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 237.6
MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established in Kobe as Hikari Dengyo
Co Ltd in order to wholesale electric products.
In Apr 1950, began handling Toshiba Corp products, as its
dealership. In Apr 1951, dealership for
Oki Electric Ind products. In Apr 1961,
started handling semiconductor products.
In Apr 1984, received capital investment from Osaka Small &
Medium-sized Business Investment & Consultation Corp. Renamed as captioned in Apr 1988. In Jun 2002, founded a subsidiary in Hong
Kong, Hikari Alphax Electronics (HK) Ltd as a stepping stone to Asian
markets. Through the subsidiary, the
subject supplies electronic components to Japanese mfrs operating in China as
well as to Chinese mfrs. The firm has
three core divisions: Semiconductor Devices & Electronic Components Div;
Multimedia Network Div and Industrial Machinery & Systems Div (see OPERATION). Dealership for Toshiba Corp & Oki
Electric Ind. Domestic clients are major
electronics mfrs nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen
22,504 million, a 10% DOWN FROM Yen 24,926 million in the previous term. Business was hurt negatively by the Thai
flood, decreasing earnings & profits.
The recurring profit was posted at Yen 75 million and the net profit at
Yen 20 million, respectively, compared with Yen 206 million recurring profit
and Yen 88 million net profit, respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was
projected at Yen 80 million and the net profit at Yen 30 million, respectively,
on a 4% rise in turnover, to Yen 23,500 million, Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 237.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1954
Regd No.: 1200-01-087719
(Osaka-Chuoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.7 million shares
Issued:
880,000 shares
Sum: Yen 320 million
Major shareholders (%): Employees’ S/Holding Assn
(34.8), Satoshi Kawai (8.9), Sadayoshi Takamoto (7.3), Osaka Small &
Medium-sized Business Development & Consultation Co (7.0)
No. of shareholders: 25
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales, imports and exports
semiconductor devices & electronic components (65%), industrial machinery
& systems, multimedia multi-media network systems, others (--35%).
Overseas trading ratio (12%).
(Handling items by divisions)
Semiconductor Devices & Electronic Components Div:
(Semiconductor devices): small-signal diodes
combination devise, rectifiers, small signal transistors, power transistors,
optical semiconductor devices, optical communications devices, CCD image
sensors, microwave semiconductor & devices:
(Integrated Circuits):
general-purpose logic ICs, general-purpose linear ICs, ICs for communications
equipment, ICs for audiovisual equipment, ICs/LSIs for consumer equipment, MOS
digital ICs, custom ICs, LSIs for microcomputers & peripheral devices,
semi-custom LSIs, MOS memory;
(Electronic Components): electronic tubes magnetrons, X-ray
tubes capacitors, thermal print heads, contact sensors, printed circuit boards,
thick-film hybrid ICs, crystal oscillator, keyboards, memory cards, batteries;
(Consigned Development): development & support of
embedded software, development of application specific ICs (ASICs) such as gate
arrays (Gas), field-programmable gate arrays (FPGAs), and system-on-a-chip,
printed circuit boards, case design, system development:
(Electronics Mfg Services –
EMS): PCB mounting, assembly;
Industrial Machinery & Systems Div:
(Instrument Control Systems):
CIEMAC comprehensive systems, digital instrument control equipment, TOSDIC
series, electromagnetic flow-meters, industrial programmable logic controllers;
(Process Instrumentation Control System): power
plant instrumentation, oil refinery plant instrumentation, petrochemical plant
instrumentation, steel plant instrumentation, process instrumentation for pulp
& paper industry, boiler & boiler water process instrumentation;
(Industrial Systems): industrial receiving,
transforming or power generation systems, power conversion systems, motor
control systems, industrial plant control systems. CIM/FA systems, waste
treatment systems, environmental monitoring systems, water & sewer systems
(device industry information systems/mfg industry information systems), AV
systems, ITV devices;
(Industrial Machinery): heavy electrical machinery,
motors & motor-driven products, motor controllers, electrical receiving,
transforming & power general control devices, private-use power generators,
maritime equipment, compressors, conveying facilities, blowers;
(Equipment for Automation, Factory Automation, Inspection &
Systems): industrial robots, combo arms, laser beam machining
equipment, semiconductor fabrication equipment, electronic component mounting
equipment, factory automation system terminals, bar code systems, radio-control
devices, industrial-use electric heating systems, X-ray examination equipment,
vibrometers, vibration testers, general-purpose electric equipment, inverters,
AC servomotors, uninterruptible power supply equipment, compact control IC
motors, programmable logic controllers;
(Building Systems): elevators,
escalators, dumb-waiters, air conditioning (super multi cool-warm conditioning
flex multi), vertical parking lots, receiving, transforming & power
generation equipment, various intelligent building application devices;
(Multi-media Networks Div):
(IT Development): servers, storage devices, PCs,
industrial computers, embedded computers, printers, bar code readers/bar code
printers, digital fax/copier/printers, supplies, liquid crystal projectors/data
projectors, network devices, IP phones, OTI, OEM, various office automation
materials;
(Visual Systems development): imaging systems, imaging
processing systems, lens lighting, graphics I/O boards, high-resolution
cameras, network cameras, surveillance cameras;
(System Solution Development): software packages for
industrial applications, automatically distributed software, sales management
systems, filing systems, barcode systems, teleconferencing systems, medicare
systems, data warehousing, network construction, personal finance package
software, other.
Clients: [Electronic mfrs, heavy machinery
mfrs, wholesalers] Toshiba Matsushita Display Technology, Kawasaki Heavy Ind,
SED, Denso Corp, Sumiden Electronics, Yaskawa Electric Corp, Furuno Electric,
Mitsui Engineering & Shipbuilding, Shimadz Corp, Noritz Corp, NSK Steering
Systems, Sumitomo Wiring Systems Inc, other.
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toshiba Corp,
Toshiba Matsushita Display Technology, Oki Electric Ind, Toshiba Mitsubishi
Electric Industrial Systems, Toshiba Elevator, Toshiba Consumer Marketing, IMV,
Toshiba Industrial Products, Rohm Corp, other.
Dealership for Toshiba Corp, Oki
Electric Ind, etc.
Payment record: No
Complaints
Location:
Business area in Osaka. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Resona
Bank (Dojima)
Mizuho
Bank (Osaka-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual
Sales |
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23,500 |
22,504 |
24,926 |
26,199 |
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Recur.
Profit |
|
80 |
75 |
206 |
2 |
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Net
Profit |
|
30 |
20 |
88 |
-70 |
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Total
Assets |
|
|
10,946 |
9,684 |
13,037 |
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Current
Assets |
|
|
8,297 |
7,036 |
9,944 |
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Current
Liabs |
|
|
8,091 |
7,105 |
10,759 |
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Net
Worth |
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|
1,897 |
1,908 |
1,890 |
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Capital,
Paid-Up |
|
|
320 |
320 |
320 |
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Div.P.Share(¥) |
|
|
20.00 |
20.00 |
10.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.43 |
-9.72 |
-4.86 |
-3.61 |
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Current Ratio |
|
.. |
102.55 |
99.03 |
92.42 |
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N.Worth Ratio |
.. |
17.33 |
19.70 |
14.50 |
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R.Profit/Sales |
|
0.34 |
0.33 |
0.83 |
0.01 |
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N.Profit/Sales |
0.13 |
0.09 |
0.35 |
-0.27 |
|
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Return On Equity |
.. |
1.05 |
4.61 |
-3.70 |
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Notes:
Forecast (or estimated) figures for 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.55.60 |
|
UK Pound |
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited
with full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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-- |
NB |
New
Business |
-- |
This score serves as a reference
to assess SC’s credit risk and to set the amount of credit to be extended. It
is calculated from a composite of weighted scores obtained from each of the
major sections of this report. The assessed factors and their relative weights
(as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.